In fact, even for a life scientist interested in marketing a device or pharmaceutical, it may be advantageous to conceive of a technical application to test the waters and develop business and entrepreneurship skills without the complexity of equity arrangements and complex financials. Imagine it as a simple Y-Combinator type training to hone your entrepreneurship credentials.
For any potential enterprise, you need to first
- Get your thoughts organized regarding product, customer, customer need, and value added.
- Gather feedback to refine the idea,
- Assess the financial viability regarding costs and competition
- Develop a plan to market the idea
- Test the market to see if it is viable.
- For a life scientist with entrepreneurship interest a crowdfunding campaign focused on providing a reward versus giving equity is an excellent way to take on Step 1: Organizing one's thoughts.
- Once complete you can easily proceed to Step 2 and present the enterprise concept to others. Your thoughts can be easily inspected and commented on by others to make further improvements and gather support.
- The process will force you to investigate how much money you need and what you would charge. That's not a complete financial analysis, but it is a useful part of Step 3.
- Crowdfunding emphasizes Internet marketing, and for today's products, social media focused marketing is your most effective strategy to accomplish Step 4.
- Finally, the site can perform Step 5 where you obtain qualitative and quantitative input as to the value of the potential enterprise.
Photo Credit: Crowdfundingescense.jpg (630 × 433 pixels, file size: 38 KB, MIME type: image/jpeg) is licensed under the Creative Commons Attribution-Share Alike 4.0 International license. Source. 4 November 2015